Knowsley Chamber of Industry & Commerce and innovation advisers ABGI-UK have announced they will extend their 2020 partnership for a further year after helping local companies secure around £600K in tax relief on R&D projects.
Last year ABGI-UK was taken on board by Knowsley Chamber as its first-ever Executive Partner to help local businesses maximise the tax benefits on innovation-focused projects. After being introduced to a number of Knowsley businesses, ABGI-UK worked closely with six companies over 2020, helping them successfully recover hundreds of thousands of pounds in R&D tax relief through direct cash credits or as reductions in tax liabilities.
Through ABGI-UK’s support, these companies will increase the value of their R&D tax relief claims by 150%, from £400K to nearly £600K on £2.4m of spending on R&D.
Russell McGrath, Innovation Funding Specialist for ABGI-UK, said: “Despite the pandemic, which restricted our ability to meet with many local businesses in-person, we were still able to work closely with them and provide hands-on support. This is a credit to Knowsley’s fantastic manufacturing sector, which is constantly innovating, and the close and trusted relationship between Knowsley Chamber and the local business community.
“Our partnership with Knowsley Chamber has enabled us to bring real value to local companies which are developing prototypes or enhancing their manufacturing processes by helping them maximise R&D tax relief benefits and free up more funds for further innovation investment.
Knowsley has a strong, dynamic, manufacturing sector and our work in Knowsley to date has focussed primarily in this sector. R&D activity is by no means restricted to manufacturers and we are keen to expand on this great work with innovative Knowsley businesses in sectors such as digital, software, electronics, environmental protection and others.”
Lesley Martin-Wright, Chief Executive, Knowsley Chamber, said: “We’re delighted to be extending our partnership with ABGI-UK, which has been a very successful in helping boost the finances of Knowsley businesses.
“We look forward to working together with ABGI-UK, which will remain the official sponsor of the popular Knowsley Manufacturing Network throughout 2021. Chaired by Rod Wah of Beverston Engineering, this one of the most active and well supported business networks in the local community. With ABGI-UK’s ongoing involvement, I’m confident it will continue to deliver real value for innovation-focused local businesses in the year ahead.”